Economy
THE Nigerian Exchange Ltd.(NGX) market capitalisation on Monday closed on a negative note, losing N239 billion.
Specifically, the market capitalisation which opened at N59.416 trillion, lost 0.40 per cent or N239 billion to close at N59.177 trillion.
Similarly, the All-Share Index also declined by 0.40 per cent or 422 points to close at 104,663.34, as against 105.085.25 recorded on Friday.
As a result, the Year-To-Date (YTD) return fell to 39.97 per cent.
Selloffs in MTN Nigeria, Guaranty Trust Holding Company (GTCO), Zenith Bank, Transcorp and Chams dragged the market to a negative terrain.
Reacting, Mr David Adonri, Vice Chairman, Highcap Securities Ltd., said that the downward performance of the market was due to little fatigue experienced after a prolonged rally, propelled by demand pull.
Adonri told the News Agency of Nigeria(NAN) in an interview in Lagos that the selloffs in the trading session were high capitalisation stocks.
“Hence, any decline on such stock is blown out of proportion.
He mentioned that the share price of Tier-one banks, appreciated over the weeks, also witnessed relief.
The broker stated that some of the recent policies by the Central Bank of Nigeria(CBN), such as the proposed bank recapilisation, might have also affected investors’ decisions on stocks.
On the loser’s table, McNichols Plc led, dropping by 9.30 per cent to close at N1.17 per share.
Daar Communications followed by 8.97 per cent to close at 71k, while UPDC Real Estate Investment Trust lost 7.89 per cent to close at N1.40 per share.
Also, MTN trailed by 7.58 per cent to close at N247.50 and Regency Alliance Insurance fell by 5.13 per cent to close at 37k per share.
Conversely, ABC Transport led the gainer’s table by 9.86 per cent to close at 78k per share.
NEM Insurance followed by 9.77 per cent to close at N7.30, while Livestock Feed Plc went up by 9.68 per cent to close at N1.70 per share.
NGX Group appreciated by 9.55 per cent to close at N24.10, while Thomas Wyatt rose by 9.34 per cent to close N1.99 per share.
However, market breadth closed positive with 27 gainers and 18 losers on the trading floor.
Analysis of the market activities showed trade turnover was higher than the previous session, with the value of transactions up by 115.75 per cent.
A total of 287.45 million shares valued at N10.80 billion were exchanged in 9,077 deals, compared to 217.21 million shares valued at N5.01 billion exchanged in 6,457 deals posted in the previous session.
UBA led the activity chart in volume with 46.23 million shares traded in value of N1.19 billion, followed by GTCO with 35.35 million shares worth N1.65 billion.
Transcorp also sold 21.51 million shares valued at N324.98 million, Zenith Bank traded 21.49 million worth N834.06 million and FBN Holdings traded 17.91 million shares worth N698.14 million.(NAN)
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-March 19, 2024 @ 11:15 GMT|
Tags: NGX: Investors lose N239bn
